Wrapping up the European session, Euro remains the weakest major currency for today. Italian Prime Minister Giuseppe Conte said he’s not pleased with German-Italian yield spread has widened to 315. But he expressed his confidence that when investors have thoroughly read the budget, markets will calm down.
It’s unsure if investors have really listened to Conte. But Italian 10 year yield did reverse earlier gain after hitting as high as 3.712. It’s now down -0.569 at 3.510. European stocks also reversed with DAX closed up 0.25%, CAC up 0.35% and FTSE up 0.06%. Though, the change in sentiments is not reflected much in Euro, except versus Dollar. Euro is indeed suffering deeper selling against Sterling and Australian Dollar.
On the other hand, Dollar is now the second weakest one, next to Euro, as it reversed some gains in US session. Pull back in treasury yields could be a factor. At the time of writing, 10-year yield is down -0.017 at 3.216. US stocks are treading water with DOW down -0.25%, S&P 500 down -0.14% but NASDAQ is up 0.07%.
